A large population of India is vulnerable to high medical expenses given the jump in inflation and significantly low healthcare insurance penetration. In certain cases, even an insurance holder ends up paying out of his pocket (OOP) on some medical expenses. To specifically help such cases, the recently-propped up healthcare fintechs provide services such as no-cost EMI loans, embedded insurance, etc.
“We cover what insurance does not. A customer can avail of over 300 healthcare treatments and services across our network, including preventive and elective treatments as well,” said Jitin Bhasin, founder of SaveIn healthcare fintech.
The B2B startup provides two key products to the employees or members of its corporate clients. First is Qube Pay, a UPI-based payment feature and second is Qube Cash, which provides credit up to ₹10 lakh on zero interest for 12 months.
Credit line for medical treatments that are not covered by insurance
When basic health insurance plans fail to cover certain treatments like the ones that don’t require hospitalisation, it is easier to unlock a customised credit line with the help of healthcare fintech services, according to Jatin Bhasin, SaveIn founder.
Underlining the vast coverage of healthcare treatment services by SaveIn, Bhasin said, “Several credit-card holders with SaveIn’s no-cost EMI plans can pay for their healthcare within 10 seconds and avail a loan for 3,6,9, and even 12 months on zero-cost EMIs.”
Customers can visit SaveIN partners near them and can avail of healthcare products and treatments at zero or low-cost EMIs.
Embedded insurance
AI and development of digital health record
QubeHealth is in the process of utilising artificial intelligence for building predictive spending and pattern analysis. The AI-driven feature of the QubePay application would provide suggestions related to hospitalisation and healthcare based on the kind of health insurance plan that has been taken by its customer.